CARS gets $818m in new round of funding

CARS, China's largest used car dealer, said on Thursday that it has raised $818 million in its latest round of financing, as the company aims to expand its businesses in face of mounting competition from local rivals including Renrenche.com.

The firm's single round of financing hit a record high among the country's car retailers, after the company raised around $600 million in October and integrated its used-car and new-car businesses - Guazi and Maodou - last year.

Guazi offers one-stop services for used cars - buying, selling, renting, fixing and insuring - thereby meeting almost any need of customers for such vehicles, while Maodou focuses on the leasing and renting of new cars.